The popular emerging markets ETF (EEM) has performed thrice as well as the S&P 500 this year, rising more than 18 percent while large-cap U.S. stocks are up just 6 percent — and some traders say the global play is just heading higher from here.

"We have a couple factors suggesting that emerging markets, along with domestic markets, can continue to press higher," Todd Gordon of TradingAnalysis.com said Monday on CNBC's "Trading Nation," pointing to the oil bounce and relatively flat U.S. dollar as two prime factors.

Indeed, emerging markets tend to be highly reliant on commodity prices, so the big rise in oil and gold prices is a boon to many of the companies whose stocks are held by the EEM.

Partially because he believes that "commodities, going into next year, are going to continue to do well," Cowen head of equity sales trading David Seaburg said Friday on CNBC's "Power Lunch" that he sees EEM outperforming the S&P again in 2017.

Going into the end of the year, however, Seaburg says he'd rather "be trading" the EEM based on different levels of support and resistance.

When Gordon looks at the chart, he sees the EEM breaking out above the $38.50 level, which he sees as a recent level of resistance. From there, he sees it moving up to $40.

In order to play for such a move, Gordon is buying the November 38-strike call and selling the November 40-strike call for a total cost of $0.85 per share. If the EEM closes above $40 on November 18, this trade will turn out a profit of $1.15. On the other hand, if EEM closes below $38, this options spread will be worth squadoosh.

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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Brian Sullivan is co-anchor of CNBC's "Power Lunch" (M-F,1PM-3PM ET), one of the network's longest running programs, as well as the host of the daily investing program "Trading Nation." He is also a frequent guest on MSNBC's "Morning Joe" and other NBC properties.